Binance HKVAX Withdrawal: Crypto Trading Platform Retracts Licensing Bid in Hong Kong

Binance HKVAX Withdrawal: Crypto Trading Platform Retracts Licensing Bid in Hong Kong

In a surprising move, Binance-linked crypto trading platform, HKVAEX, pulled back on its license application from Hong Kong’s Securities and Futures Commission (SFC) on March 28th. This Binance HKVAX withdrawal came just three months after its initial submission, implying that HKVAEX must discontinue its operations in Hong Kong by May 31. HKVAEX, despite functioning independently under the umbrella of BX Services Limited in Hong Kong, shares resources with Binance, including the servers for content retrieval. The move is quite significant, especially considering Hong Kong’s ongoing efforts to position itself as a leading hub for Web3, having launched a crypto-friendly regulatory setup in June 2023 that encourages retail investors to participate in virtual asset trading. All crypto trading platforms planning to operate within the city-state were required to submit their applications before February 29th. However, HKVAEX isn’t the only platform to retract its application. In 2024, three other virtual asset trading platforms, including the globally famous HTX (previously known as Huobi), also pulled back their applications. At present, OSL and HashKey are the only two platforms to have secured licenses approved by the SFC. This Binance HKVAX withdrawal highlights the uncertain and volatile nature of the crypto market, where regulatory compliance and market forces can lead to abrupt changes in operations.

Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!

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